- Bitcoin surpassed $100,000 before experiencing a sharp decline, marking a 120% increase since January 2024.
- Citadel Securities founder Ken Griffin acknowledged missing out on bitcoin’s early investment opportunity.
- Griffin shifted from his previous crypto-skeptic stance, suggesting bitcoin might have a future as a tool for financial autonomy.
- U.S. Senator Lummis proposed legislation for government purchase of 1 million bitcoins over five years.
- Wall Street’s involvement has been a key driver in bitcoin’s recent price surge.
Bitcoin’s Historic Rally Faces Volatility as Wall Street Veterans Revise Stance
Bitcoin retreated from its unprecedented high above $100,000 this week, as market participants closely monitor institutional movements and regulatory developments. The cryptocurrency has recorded a 120% gain since January, driven primarily by institutional investment and growing mainstream acceptance.
Wall Street’s Change of Heart
Ken Griffin, founder of Citadel Securities, expressed regret at not investing in bitcoin earlier, noting its exponential price growth. "Of course, I wish I bought something that trades at 100-times the price it traded at a few years ago," Griffin said at the New York Times DealBook conference. The statement marks a significant shift from his previous position, where he had described cryptocurrency as a "jihadist call" against the U.S. dollar.
Despite his revised outlook, Griffin maintains skepticism about cryptocurrency’s practical applications, questioning, "What problem does it solve for our economy?"
Legislative Developments
A notable development in the regulatory landscape is the introduction of the BITCOIN Act by U.S. Senator Cynthia Lummis. The legislation proposes a government initiative to acquire 1 million bitcoins over five years, aimed at addressing national debt concerns.
deVere Group CEO Nigel Green emphasized bitcoin’s evolution, stating, "Bitcoin is no longer just a speculative asset. It is a core component of the future of finance, appealing to everyone from Wall Street heavyweights to retail investors seeking to protect and grow their wealth."
Market analysts attribute the current rally to several factors:
- Increased institutional adoption
- Growing regulatory clarity
- Wall Street’s expanding crypto services
- Rising interest from traditional finance professionals
The market continues to monitor MicroStrategy‘s next moves, as the company has historically influenced Bitcoin’s price through its substantial purchase strategies. Additionally, the sector awaits potential developments regarding the integration of cryptocurrency into traditional financial systems.
✅ Follow BITNEWSBOT on Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- MicroStrategy Shares Drop 28% From Peak Despite Bitcoin’s Record High
- Pudgy Penguins Soars to Record High, Plans New Solana Token Launch
- Google CEO Warns AI Progress to Get Harder as ‘Low-Hanging Fruit’ Era Ends
- Tencent Beats OpenAI to Market With Free Open-Source Video Generator
- Bitcoin Plunges to $92K, Triggers $1B Liquidation Wave Before Sharp Rebound
